Securities and Exchange Commission of Brazil (CVM) Brokers 2025

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Christian Harris
Christian is a seasoned journalist with decades of experience. He transitioned from tech journalism to finance to follow his interest in investing. He has been trading stocks, futures, forex, and cryptocurrencies for more than 5 years, becoming an eToro Popular Investor. With hands-on expertise across various assets, he offers valuable trading insights.
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James Barra
James is an investment writer with a background in financial services. As a former management consultant, he has worked on major operational transformation programmes at prominent European banks. James authors, edits and fact-checks content for a series of investing websites.
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Fact Checked By
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Michael MacKenzie
Michael is a writer and editor with over a decade in journalism and publishing. His niche lies in editing and fact-checking content in the financial services sector, with a focus on online brokers and trading platforms. Michael previously reported on politics and economics in the Middle East and edits books for established publishers.
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The Securities and Exchange Commission (Comissão de Valores Mobiliários, or CVM) is the primary regulatory body overseeing the securities market in Brazil, including the activities of stock exchanges, public companies, financial intermediaries, and online traders.

Established in 1976, the CVM is an independent agency operating under the Central Bank of Brazil. It plays a crucial role in ensuring Brazil’s financial markets’ integrity, transparency, and efficiency.

In addition to overseeing the B3 stock exchange and over-the-counter markets, the CVM is a staunch defender of investors’ rights. It acts as a shield, protecting traders from fraudulent securities issuance and illegal market activities, earning it ‘yellow-tier’ status in our Regulation & Trust Rating.

However, the CVM does not maintain a public directory of authorized brokers. Instead, we’ve listed the top brokers operating internationally and who are regulated by other reputable financial bodies.

Best Regulated Brokers For Brazilian Traders

Following hands-on testing, these 4 regulated trading platforms emerged as the best:

Click a broker for details
  1. 1
    Interactive Brokers

    Ratings
    4.5 / 5
    3.5 / 5
    4.6 / 5
    4.3 / 5
    3.3 / 5
    3 / 5
    4.4 / 5
    4.3 / 5
    4.3 / 5
    4.5 / 5

    $0
    $100
    1:50
    FCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
    Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
    Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower
    Cheque, ACH Transfer, Wire Transfer, Automated Customer Account Transfer Service, TransferWise, Debit Card
    USD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF
  2. 2
    Kraken
    Lower fees when trading volume exceeds $50,000 in 30 days

    Ratings
    3 / 5
    3.8 / 5
    3.8 / 5
    3.9 / 5
    3.5 / 5
    3.8 / 5
    1.5 / 5
    3 / 5
    4.7 / 5
    4.2 / 5

    $10
    Variable
    FCA, FinCEN, FINTRAC, AUSTRAC, FSA
    Cryptos
    AlgoTrader, Quantower
    Bitcoin Payments, Wire Transfer, PayID, Silvergate Bank Transfer, Etana, Ethereum Payments
    USD, EUR, GBP, CAD, AUD, JPY, CHF
  3. 3
    Gemini

    Ratings
    2 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    2 / 5
    2.5 / 5
    3 / 5
    4.8 / 5
    4.6 / 5

    $0
    0.00001 BTC
    NYDFS, MAS, FCA
    Cryptos
    ActiveTrader, AlgoTrader, TradingView
    Bitcoin Payments, Credit Card, Wire Transfer, Visa, Mastercard, Silvergate Bank Transfer, Ethereum Payments, ACH Transfer, PayPal, Etana
    USD, EUR, GBP, CAD, AUD, HKD, SGD
  4. 4
    Coinbase
    This post contains affiliate links, and this website will be compensated if you make a purchase after clicking the links.

    Ratings
    3.5 / 5
    4.3 / 5
    4.3 / 5
    3.5 / 5
    3.8 / 5
    2.5 / 5
    2.3 / 5
    3.8 / 5
    4.7 / 5
    4 / 5

    $0
    $2
    FinCEN, FCA, CBoI, MAS, OAM, DNB, BdE
    Crypto
    Coinbase, Advanced Trade, Wallet, NFT
    Visa, Wire Transfer, Apple Pay, Google Wallet, Credit Card, Debit Card, Mastercard
    USD, EUR

Here is a short overview of each broker's pros and cons

  1. Interactive Brokers - Interactive Brokers (IBKR) is a premier brokerage, providing access to 150 markets in 33 countries, along with a suite of comprehensive investment services. With over 40 years of experience, this Nasdaq-listed firm adheres to stringent regulations by the SEC, FCA, CIRO, and SFC, amongst others, and is one of the most trusted brokers for trading around the globe.
  2. Kraken - Kraken is a leading cryptocurrency exchange with a proprietary trading terminal and a list of 220+ tradeable crypto tokens. Up to 1:5 leverage is available with stable rollover fees on spot crypto trading and up to 1:50 on futures. The exchange also supports crypto staking and has an interactive NFT marketplace.
  3. Gemini - Gemini is a cryptocurrency exchange set up in 2014 by the Winklevoss brothers, known for their early involvement in Facebook. The exchange is among the world’s 20 largest and most popular. Gemini clients can trade and stake 110+ cryptocurrencies, with derivatives trading available in some jurisdictions, an advanced proprietary platform and additional features including an NFT marketplace.
  4. Coinbase - Launched in 2012 as a platform enabling users to buy and sell Bitcoin via bank transfers, Coinbase has emerged as a crypto behemoth, expanding its services to include 240+ crypto assets, developing sophisticated trading platforms for retail investors, listing on the US Nasdaq, and securing licenses with multiple regulators.

Brokers Comparison

Brokers Comparison
Broker Minimum Deposit Markets Platforms Leverage
Interactive Brokers logo
$0 Stocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies Trader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower 1:50
Kraken logo
$10 Cryptos AlgoTrader, Quantower -
Gemini logo
$0 Cryptos ActiveTrader, AlgoTrader, TradingView -
Coinbase logo
$0 Crypto Coinbase, Advanced Trade, Wallet, NFT -

Interactive Brokers

"Interactive Brokers is one of the best brokers for advanced day traders, providing powerful charting platforms, real-time data, and customizable layouts, notably through the new IBKR Desktop application. Its superb pricing and advanced order options also make it highly attractive for day traders, while its diverse range of equities is still among the best in the industry."

Christian Harris, Reviewer

Interactive Brokers Quick Facts

Demo AccountYes
InstrumentsStocks, Options, Futures, Forex, Funds, Bonds, ETFs, Mutual Funds, CFDs, Cryptocurrencies
RegulatorFCA, SEC, FINRA, CFTC, CBI, CIRO, SFC, MAS, MNB, FINMA, AFM
PlatformsTrader Workstation (TWS), IBKR Desktop, GlobalTrader, Mobile, Client Portal, AlgoTrader, OmniTrader, TradingView, eSignal, TradingCentral, ProRealTime, Quantower
Minimum Deposit$0
Minimum Trade$100
Leverage1:50
Account CurrenciesUSD, EUR, GBP, CAD, AUD, INR, JPY, SEK, NOK, DKK, CHF, AED, HUF

Pros

  • IBKR continues to deliver unmatched access to global stocks with tens of thousands of equities available from 100+ market centres in 24 countries, most recently the Saudi Stock Exchange.
  • IBKR is one of the most respected and trusted brokerages and is regulated by top-tier authorities, so you can have confidence in the integrity and security of your trading account.
  • While primarily geared towards experienced traders, IBKR has made moves to broaden its appeal in recent years, reducing its minimum deposit from $10,000 to $0.

Cons

  • You can only have one active session per account, so you can’t have your desktop program and mobile app running simultaneously, making for a sometimes frustrating trading experience.
  • Support can be slow and frustrating based on tests, so you might find it challenging to reach customer service representatives promptly or encounter delays in resolving issues.
  • TWS’s learning curve is steep, and beginners may find it challenging to navigate the platform and understand all the features. Plus500's web platform is much better suited to new traders.

Kraken

"Kraken will suit traders looking for a diverse list of cryptos including Bitcoin and a good security track record."

William Berg, Reviewer

Kraken Quick Facts

Bonus OfferLower fees when trading volume exceeds $50,000 in 30 days
Demo AccountYes
InstrumentsCryptos
RegulatorFCA, FinCEN, FINTRAC, AUSTRAC, FSA
PlatformsAlgoTrader, Quantower
Minimum Deposit$10
Minimum TradeVariable
Account CurrenciesUSD, EUR, GBP, CAD, AUD, JPY, CHF

Pros

  • Excellent range of 220+ more established cryptocurrencies
  • Great trading platform and mobile app
  • Crypto staking

Cons

  • Low leverage on spot trading
  • Does not support many newer altcoins
  • Does not accept fiat deposits

Gemini

"Gemini’s ActiveTrader platform and TradingView integration make it a good choice for serious crypto traders seeking a reliable charting environment, though we were disappointed by some unnecessary fees and previous security breaches."

Michael MacKenzie, Reviewer

Gemini Quick Facts

Demo AccountNo
InstrumentsCryptos
RegulatorNYDFS, MAS, FCA
PlatformsActiveTrader, AlgoTrader, TradingView
Minimum Deposit$0
Minimum Trade0.00001 BTC
Account CurrenciesUSD, EUR, GBP, CAD, AUD, HKD, SGD

Pros

  • The TradingView integration delivers top-quality tools, including backtesting and algo trading capabilities
  • Crypto perpetual futures are available in many jurisdictions with up to 1:100 leverage
  • The trading app features a user-friendly, modern design and intuitive interface, with an excellent range of charting tools for day traders

Cons

  • There are high fees for some funding methods including a 3.49% fee for card transactions
  • There is no practice profile or demo account for prospective traders
  • The exchange has a history of concerning incidents including the collapse of its Earn program and a phishing breach

Coinbase

"Coinbase is ideal for beginners looking for an intuitive platform to buy and sell a wide variety of cryptocurrencies, with robust security and regulatory compliance. However, its fees are higher compared to competitors in our tests, and it’s not as tailored for short-term traders."

Christian Harris, Reviewer

Coinbase Quick Facts

Demo AccountNo
InstrumentsCrypto
RegulatorFinCEN, FCA, CBoI, MAS, OAM, DNB, BdE
PlatformsCoinbase, Advanced Trade, Wallet, NFT
Minimum Deposit$0
Minimum Trade$2
Account CurrenciesUSD, EUR

Pros

  • As a Nasdaq-listed company, Coinbase follows strict financial regulations, with licensing across the US, UK, and Europe. Security includes FDIC insurance for USD balances (up to $250,000) and two-factor authentication (2FA).
  • There are platforms for all levels: beginners can use the simple Coinbase app, while Advanced Trade provides lower fees and pro-level tools.
  • Coinbase supports 240+ cryptocurrencies, including Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and newly listed altcoins like $Trump, giving early access to emerging tokens.

Cons

  • High crypto fees based on tests, especially compared to competitors like Kraken and BitMEX, and notably on the standard dealing platform.
  • Frustrating customer support during testing, with most help options hidden behind login, making it tough for locked-out users or non-account holders to get assistance.
  • There are woeful research tools; Advanced Trade has TradingView charts but lacks features like news feeds, economic calendars, and AI market insights.

How Can I Check A Broker Is Regulated By The CVM?

While the CVM is the regulatory authority for online brokers in Brazil, verifying their authorization can be more complex than in some other jurisdictions.

Unlike some regulators, such as the FCA in the UK or CySEC in Europe, the CVM does not maintain a publicly accessible list of licensed brokers and trading platforms.

Instead, you can inquire about a broker’s authorization status through a formal request to the CVM. We have submitted a request to the CVM to enquire about authorized brokers and will update this page with our findings when we receive a response.

Brazil CVM broker regulator search directory
The CVM’s Market participants files don’t list any regulated brokers

What Rules Must CVM-Regulated Brokers Follow?

Only authorized institutions can trade foreign exchange and derivatives in Brazil, according to Law 6,385/76.

While the law doesn’t explicitly classify forex as a security, it mandates CVM oversight for “the issuance and distribution of other derivative contracts, regardless of the underlying asset.” This effectively brings forex trading under the CVM’s regulatory umbrella.

Here are some fundamental rules and requirements that CMV-regulated brokers must follow:

What Powers Does The CVM Have?

The CVM wields broad authority to not only establish market regulations but also investigate, prosecute, and penalize violations.

When suspicions arise, the CVM can launch an investigation, gathering information, testimonies, and evidence to pinpoint the source of illegal activity. Throughout this process, those accused retain full rights to defend themselves in court.

In 2020, the CVM demonstrated its commitment to maintaining the market’s integrity by cracking down on unauthorized trading activity. It issued a ‘Stop Order’ against Pepperstone Group, an Australian broker, for allegedly operating in Brazil without authorization, reassuring the market of its vigilance.

Bottom Line

Brazilian laws do not explicitly prohibit online trading, but domestic broker options are limited. The CVM doesn’t provide a list of authorized brokers, either, meaning Brazilian traders often seek trustworthy brokers regulated overseas.

Fortunately, many leading players accept and cater to Brazilian clients with Portuguese language support and websites. Additionally, the convenience of using a broker that accepts deposits in Brazilian real (BRL) is a factor to consider for many day traders in Brazil.

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